Global insurance major Manulife Financial has cut 250 jobs in its wealth and asset management unit in the US, Canada, the UK and Asia, according to a Bloomberg report. Paul Lorentz, the CEO of Manulife Investment Management, cited prolonged market volatility and a shift to higher interest rates, marking the first such market cycle in 15 years, as key reasons for the job cuts. This news was initially reported by Ignites, a fund industry publication. The job cuts at Manulife are part of a broader trend in the financial sector, where firms are downsizing in response to economic and geopolitical uncertainties, higher interest rates, and a slowdown in dealmaking. Despite the job cuts, Manulife reported a significant increase in its third-quarter earnings, particularly from its business in Asia.